If you have been looking to buy the DROID RAZR from Verizon Wireless we have some great news for you as Verizon Wireless has just dripped the smartphone’s price when you agree a 24-month deal, it will now cost you just $199.99 instead of $299.99 over at VerizonWireless.com.

With an 8 megapixel camera, a planned update to Android 4.0 ICS, a dual-core 1.2 GHz processor, LTE connectivity and a 7.1mm thin design there’s a lot to like about the new RAZR (you can see full specs here), but we have to say that some of the devices we saw last week at CES 2012 have overshadowed this, one example of this is the Sony Xperia S and let’s not forget that there’s lots of hype surrounding the DROID RAZR MAXX release.

If you are not fond of the standard black design we can also reveal that from January 23 you will be able to also choose between white or purple variants, either way you get the beautiful-looking woven Kevlar battery cover. The image below (sourced from Droid-Life) shows the three color options which will soon be available, which color do you prefer?

You can see Verizon’s press release which revealed all of this information here, if you would prefer to buy it without a long-term commitment it will cost you $599.99 and will require a month-to-month price plan, contract customers should understand that a $350 early termination fee has been confirmed. If you don’t mind agreeing a two-year deal it will cost you at least $89.99 per month and that will give you the Nationwide Talk & Text 450 price plan (unlimited texts and 450 minutes) and 2GB of data. You can find out all you would ever need to know about Verizon cell phone plans here.

Despite the fact that we have seen more advanced alternatives to the DROID RAZR this week it is still a very formidable smartphone with an extremely desirable design – will you buy it? If so, which color will you choose?